Medical Bankruptcy: Filers’ Must-Have Info

When we heard of the term “medical bankruptcy”, the first thing that will come into our minds is that a person is going through a lot when it comes to medical issues. Well, actually, the term is not as specific as you think. Yes, it includes medical debts but it is not all about medical-related issues. As a matter of fact, when you search for that term, you will find out the “medical bankruptcy” is not actually a legal term. Here are some of the useful facts that will be helpful for giving you a clearer view with regards to this topic.

One of the main reasons why “medical bankruptcy” is mistaken to be solely related to medical debts is that, it was confirmed that almost 60% of the bankruptcy filed each year is due to the mountainous medical obligations. And also, based on the statistics, most of these medical payments dilemmas are in connection with the elderly and the single moms since they are the ones who did not get any support when emergency events transpire.

When you decided to file for bankruptcy, you will not only include the medical debts that you have. You actually need to include all the unsecured debts that you have. Also, it must be noted that you have to apply for either chapter 7 or chapter 13 bankruptcies because as stated earlier, there is no legal term as “medical bankruptcy”.

This kind of bankruptcy is available for everybody. If you think that when you have the insurance you will be far away from bankruptcy then you are thinking wrongly. Based on some studies, almost 75% to 80% of the applicants for bankruptcy are covered with insurance.

If you fear that when you file bankruptcy you will no longer be accepted and treated by doctors, then stop thinking of that wrong fact. It is stated in the federal law that hospitals, especially the ones getting federal funding are prohibited from declining patients even they are suffering from bankruptcy.

We cannot deny that application for bankruptcy is considered to be one of the most convenient resorts in getting rid of your debts. But you must be informed that it is not all about that! Filing for bankruptcy has a cost attached to it. Aside from the fact that your reputation will be quite deteriorated, you will be unprotected from heavy debts for a certain period of time since based on the law, there is a specific time frame before you are allowed to apply for bankruptcy once more.

With the facts presented, we must measure things first. And for best results, it is advised that you first have the complete idea about bankruptcy before applying for it. You can either read the law by yourself or you can seek for an attorney’s help.

If you think there is no other resort but to file for a bankruptcy, go and do it now! This will surely help you vanish all the present debt dilemmas that you are burden with at the moment.

Think First Before You Apply For The Medical Bankruptcy

If you are one of the people who need the service of the medical care but you do not have the money to be able to do it, one of the immediate action that you might consider to avail is to apply at the medical bankruptcy.

As you can see, this is now considered as the most viable option of those individuals who are not capable of settling all of his medical bills that he has incurred during his stay inside the hospital. As you know, it is your obligation to pay all the bills to the services that the hospital has provided to you. It is just fair that you pay them accordingly.

However, there are times that one person has no choice but to be confined in a hospital even if his family is fully aware of their situation. This means that even if they know that they do not have the money to afford the services and the medical attention that a particular hospital, they have simply no choice but to let their family member to spend days in the hospital and worry about the bills afterward.

If you are one of these people who often found yourself overwhelmed by medical bills and you have no concrete plan to settle them, the only thing that you can really do at this situation is to apply for the medical bankruptcy. Once your application on this program would be approved, you will be allowed to walk out the hospital and leave your bills behind under certain conditions.

The following are some of the things that you must know so you can take advantage of this program:

- Before you make your application on this program, it will be much better if you will ask around and know something about it by checking what others have to say about it. Make sure that the people you will be talking to have vast knowledge on this issue so you can get some helpful advice and reliable facts.
- You should be aware that there are some hospitals that will be willing to allow you to settle your debts at much convenient rate. So before you do anything, try to talk things to the hospital management and see what agreement you can enter to settle your medical bills.
- Since applying to medical bankruptcy might require you to have your own bankruptcy lawyer, you have to be sure that the one you will hire will have a good reputation. You can do this task by having some conversation with the attorney's past clients and see if this lawyer is competent and effective in his work. You can also ask for some referrals to the people who have been through this situation or make your own background check of your prospect attorney.

The above-mentioned things are some of the tips that will help you before you decide of making the application to this program. Always remember that it is very important to weigh your options first before doing anything that you might regret afterwards.